As the BRICS alliance expands, Brazil, which is hosting and presiding over this year’s meetings, is among a group of countries implementing payment mechanisms that exclude the American dollar. One Brazilian bank, now owned by China, recently became the first in Latin America to use China’s Cross-Border Interbank Payment System (CIPS) for trade between the two countries. The CIPS network has reached over 1,300 financial institutions across 110 countries. Lucrecia Franco has more on the story from Rio de Janeiro.

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